Gold continues to rally as investors scramble to find a safe haven to protect their assets. This latest move comes as global stock markets once again has come under pressure with the S&P close to the important $800 support level. The move happened despite the stronger dollar overnight with the Euro breaking down through support at 1.2700.
Holdings of Gold in the SPDR Gold Trust (GLD:arcx) has climbed to a new record of 985.86 metric tons which is the equivalent of 348,000 lots of Gold futures. Considering that total open interest in Gold futures on COMEX stands at 361,000 exchange we are looking at a monster.
Support: 954 945 931
Resistance: 980 990
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